Market-leading cryptocurrencies Bitcoin and Ethereum suddenly spiked to new highs on Wednesday.
Bitcoin added $2,000 to its price within minutes, as a large green candle sent the leading digital asset to a new high of $68,789.
Ethereum quickly followed suit with its own all-time high of $4,851.
The cryptocurrency traded as high as $68,990 Wednesday, while Ethereum has touched $4,865, according to Coinbase data as of midday Wednesday.
Popular crypto trader Pentoshi commented on the move, saying: “Relentlessly up. No dips given, just a straight trending line on BTC and ETH since $40.7K with a small period of consolidation.”
Technical analysts on Twitter pointed to a bull flag indicator on the Bitcoin chart that suggested more upward price action could follow in the days to come.
The Taproot Upgrade scheduled to take place on the Bitcoin network Nov. 14 could also serve as a potential catalyst to elevate prices further.
“Given the current market conditions—both in terms of broader market fundamentals and on-chain activity—we can reasonably say this is just a start of a more sustained uptrend we’ll see develop throughout the month and perhaps even up until the end of the fourth quarter,” commented Mikkel Morch, executive director at crypto asset hedge fund ARK36.
By Samyuktha Sriram
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